Business owners face many financial decisions. Having an attorney on retainer can be beneficial to any business owner. Larger companies have a General Counsel to pull from when a crisis arises, however smaller companies that cannot afford to pay attorneys full time may consider keeping a lawyer on retainer.
A retainer is a monthly fee paid by a client to an attorney for legal services rendered during the month. Often, a retainer is based on the average monthly needs a client may have for an attorney. For example, if a business owner has one or two questions and a small amount of research needed during the month that would take up an average of two hours of an attorney’s time, then the monthly retainer might be the cost of two hours of that attorney’s hourly rate.
Hiring an attorney like Leodis C. Matthews, who is licensed in several states and is versed in different types of law both nationally and internationally, can be extremely beneficial for business owners. With business law knowledge from around the world, Mr. Matthews represents clients with many varied business needs and questions.
There are several benefits for business owner to have an attorney on retainer. First, having a lawyer on retainer puts a business owner’s mind at ease by knowing that there is a set amount paid out each month. Knowing that a lawyer will be available without worrying about the cost of each call brings peace of mind. Budgeting for an attorney within a business plan is prudent.
Next, having someone else handle the mundane and worrisome items that arise month to month brings peace of mind to business owners and allows them to focus on growing their businesses. Freeing up time to handle the day to day tasks of a business can grow a business and maximize shareholder profits, which will save or make the business owner money in the long run.
If a business is threatened with a lawsuit or other legal issue, having an attorney who already knows your business and can step in immediately with prior knowledge is an asset. Tax issues, zoning regulations, or even employee problems can be handled expertly by a lawyer.
Tax issues alone can drive many business owners over the edge. Having an attorney with specialized technical knowledge can be beneficial. Many times, these specialized lawyers have the resources to contact the specialists to help business owners and the resources that a business owner would not have on their own. For example, your attorney may have a network of bankers, CPA’s, and insurance agents who they refer to when dealing with complex tax codes or employee complications.
By having an attorney on retainer, business owners will save money in the long run. Major accidents, insurance issues, employee relations, customer concerns, financial questions, and general business questions are just a few of the reasons to hire an attorney on retainer. Leodis C. Matthews is a California based attorney who can assist business owners with multistate and international law problems.